Reinsurance News
Growing MGA market deserves more oversight, AM Best says
22nd May 2024
Global credit ratings agency AM Best is maintaining a positive outlook on the delegated underwriting authority enterprise (DUAE) market, citing sustained global growth and momentum, as well as the market's ability to cater to underserved and emerging risks. However, while the agency's outlook on the DUAEs market segment reamins positive, Best ... Read the full article
Allianz UK makes two key senior leadership changes appointing Kam as CRO
22nd May 2024
Allianz UK has announced the promotion of Jason Howes to Chief Transformation Officer and the appointment of Hanna Kam to the role of Chief Risk Officer, taking over the role from John Berry, who has decided to step down. According to the announcement, these senior moves reflect the company’s ongoing strategic ... Read the full article
Slide finalises $1.86bn 2024 reinsurance program
22nd May 2024
Full-stack homeowners insurtech, Slide Insurance, has completed its $1.86 billion reinsurance program for the upcoming 2024 Atlantic hurricane season, reinforcing its ability to protect homeowners across Florida and South Carolina. According to Slide, its reinsurance program exceeds all regulatory and rating agency requirements, and protects the carrier to the 175-year return ... Read the full article
AEGIS London launches wind buy-back for US private coastal homes
22nd May 2024
Lloyd’s syndicate AEGIS London has launched a new digital product offering aimed at US-based private property owners for wind deductible buy-back. For those unaware, wind deductible buy-backs are purchased by clients to lower deductibles for wind and named storm damage to their private homes in the US. A buyback deductible is an ... Read the full article
Rising rates boost US life/annuity insurers’ returns in 2023: AM Best
22nd May 2024
A new AM Best report indicates that rising interest rates in 2023 increased the portfolio yields of US life/annuity insurers by nearly 30 basis points, from 4.47% to 4.74%. The Best’s Special Report, “US Life/Annuity Investment Portfolio Yields Rebound in 2023,” attributes the improvement in total portfolio yield to the reinvestment ... Read the full article
AXA XL appoints Robert Riha as Chief Client & Distribution Officer, APAC & Europe
22nd May 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has announced the appointment of Robert Riha as Chief Client & Distribution Officer for APAC & Europe. Riha will now report to Xavier Veyry, the Chief Executive Officer for APAC & Europe, and Manuel Meier, the ... Read the full article
Lockton CCA launches region’s first Food, Agriculture & Beverage insurance broking practice
22nd May 2024
Lockton Caribbean & Central America (CCA) has launched the region’s first Food, Agriculture & Beverage (CCA FAB) insurance broking practice. The new Food, Agriculture & Beverage practice within Lockton CCA, the Miami-based wholesale re/insurance operation focused on the region, within Lockton's Latin America and Caribbean Insurance Services Series (LACIS). Working as a ... Read the full article
Legal & General completes £900mn buy-in with ICI Pension
22nd May 2024
Legal & General Assurance Society Limited has completed an approximately £900 million buy-in with the ICI Pension Fund, securing the benefits of over 7,000 retirees. This announcement marks the 12th transaction since the ICI Pension entered into an umbrella agreement with Legal & General in 2014, which to date, has completed ... Read the full article
Risk Strategies acquires leading crop insurance broker Silveus
22nd May 2024
Risk Strategies, an international specialty insurance brokerage and risk management firm, has announced its acquisition of Silveus Insurance Group (Silveus), the largest independent crop insurance broker in the United States. Silveus is widely known for its expertise in both federal and private insurance products for growers, helping them minimise their risk ... Read the full article
AM Best maintains negative outlook on France’s non-life insurance segment
22nd May 2024
Global credit ratings agency AM Best has confirmed that it is maintaining its negative outlook on France’s non-life insurance segment, citing a number of factors, such as: modest real top-line growth on an inflation-adjusted basis, inflation impact on profitability in light of strong competition, and volatility sustained by the upsurge ... Read the full article
Companies prepare for political risks during continued global turbulence: WTW
22nd May 2024
Against the backdrop of ongoing global instability, companies intensify their focus on risk management, adapting strategies to navigate evolving threats, reports insurance and reinsurance broker WTW. Following a year in which nearly a fifth of companies had to restate earnings due to geopolitical events, 2024 proved challenging as well, with 69 ... Read the full article
Beazley appoints Barbara Plucnar Jensen to its Board as CFO
22nd May 2024
Specialty insurer Beazley has announced the appointment of Barbara Plucnar Jensen to its Board as Chief Financial Officer (CFO). Adrian Cox, Beazley's CEO, previously mentioned this during the firm's full-year results, stating, “I am pleased that Barbara Plucnar Jensen will become our CFO on 1 May 2024, the depth and ... Read the full article
Deutsche Rück reports 2023 gross premium income of €1.8bn
22nd May 2024
German reinsurer The Deutsche Rück Group expanded its business in 2023 with gross premium income increasing by 16.8% to just under €1.8 billion, while net premiums earned were up 18.3% at €1.2 billion. This strong growth was supported by both international markets in the Middle East, Latin America and Asia and ... Read the full article
NormanMax launches parametric Syndicate 3939 in partnership with Apollo
22nd May 2024
NormanMax Insurance Holdings, the US-based parametric re/insurance group, has launched Syndicate 3939, managed by insurance group Apollo. NormanMax Syndicate 3939 has reportedly commenced underwriting and will offer global parametric re/insurance solutions, specifically designed for hurricanes, tropical cyclones, typhoons, and earthquakes to address the natural disaster protection gap. NormanMax explained that this is ... Read the full article
Michel to head Distinguished and SiriusPoint Inland Marine insurance program
22nd May 2024
Distinguished Programs, a US insurance program manager, has partnered with specialty re/insurer SiriusPoint for its Inland Marine insurance program. The new program, to be led by Eric Michel will offer tailored coverage for a focused segment of Inland Marine exposures, such as Motor Truck Cargo and Transportation, Contractors’ Equipment, Builders’ Risk, ... Read the full article
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